European wax center, inc. completes refinancing transaction

Plano, texas, april 06, 2022 (globe newswire) -- european wax center, inc. (nasdaq:ewcz) (together with its subsidiaries, the “company”) today announced that it has completed its previously announced refinancing transaction. the new series of securitized notes include $400 million of series 2022-1 class a-2 fixed rate senior secured notes (the “class a-2 notes”) with an anticipated repayment term of five years and a fixed interest rate of 5.5% per annum, payable quarterly. in addition to the class a-2 notes, the refinancing transaction includes a $40 million variable funding note facility (the “variable funding notes”). as of the closing, none of the variable funding notes have been drawn, but an undrawn letter of credit of approximately $5.6 million has been issued under the variable funding notes.
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